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My PSA on a Necchi 554.
I have been working on a very pretty Necchi 554 for the past two weeks. I love Necchi's, but I would have to say that if you don't already have a 554, and want one, you need to carefully check it out before buying it. It has a few weak plastic parts that crack, and or, break. Including the cam stack (not easy to check without disassembly $$$). None of these plastic parts have been available since the 70's. Make sure that it sews as it should. Special attention should be made to check out the stitch width and the special built in stitches functions. Otherwise, walk away. UNLESS, 1. You are close to me in Brookfield, IL, and don't mind spending a lot to fix it (if it is possible-it may not!). 2. You want a pretty Straight Stitch only machine that takes cams that you can't use on it. 3. You know a retired Necchi Tech with spare NOS 554 parts (I want to meet him!). Or, 4. You want it for display only. 
It is sad to me that such a pretty machine that runs, sews, has cams, and is in great condition has such problems as these. When running and sewing like new (as this machine is now) it is an absolutely fabulous machine. Like most vintage Necchi's.
I have been working on machines all of my life. Sewing machines almost exclusively for about the past decade. I will be honest, this machine was a challenge even for me. There are no service manuals for it, no exploded views, no tech manuals, nothing, let alone, any good detailed pictures or info on it. Most definitely an "Advanced" machine to take on. Not even for an intermediate level tech IMHO. Necchi's are complex machines with close tolerances and can require special equipment to tune and adjust. Unless you can do the work yourself, I would go with a Supernova. Almost the same machine with metal where some of the plastic parts are, and more availability on used replacement parts.
However, ... If you have a 554 in good working condition, ... You have a rare gem that few have, and should be proud of it. Along with that you have some bragging rights and some "Cred" among collectors. If you do have one, please respect it and take care of it. It truly is a fantastic gem.
I would like to take a moment to thank my friend and contemporary, Nelson Maynard of Lawrenceburg, KY for helping me on this obscure machine. If you are near him, and need work done on a vintage or antique machine, he is one of the few people I trust and can recommend with confidence.
~Grant~